Mizuho Bank seeks injunction against Radiant World Corp to address potential falsified documents in iron ore trading.
Mizuho Bank has initiated legal action in Singapore’s Supreme Court to obtain an injunction against Radiant World Corp. The move follows reports that the iron ore trader may have provided banks with falsified documents to secure financing. As a creditor of Radiant World Corp, Mizuho Bank is seeking a court order to prevent specific actions by the company, though the exact nature of the action to be blocked is not yet clear. This is the first public legal action by a lender since concerns regarding the company's documentation were reported in July. Simultaneously, Incomlend Pte Ltd is suing Radiant World Corp and its founder, Pinkesh Nahar, for over US$34 million. The lawsuit, filed in Singapore's High Court, alleges a tort of deceit conspiracy by unlawful means. The company has previously denied any wrongdoing, maintaining that it conducts its business to the highest commercial and legal standards.